A lot of investment options are available to Canadians to earn good returns on their enterprise. One such investment is a tax-free savings account (TFSA). Unlike regular deposit accounts, TFSA is actually not a savings account but an investment account to grow your money on a tax-free platform. A tax-free savings account can hold many …
With Canada’s aging population, more residents will be looking to retire in the coming years. A government benefit designed to help Canadian retirees is the Public Service Pension Plan (PSPP). The main objective of the Public Service Pension Plan is to supply a retirement income to eligible residents during their lifetime. In addition to retirement …
As we grow old, we can rely on a number of government supplements to help us in our old age. There are a few benefits that provide a monthly sum to help pensioners be able to reside comfortably after their retirement. In Canada, the elderly are financially taken care of under the Old Age Security …
Retirement, some loathe it, some look forward to it, while others are just indifferent. Whichever category you fall, we all agree it is an inevitable part of life. What we don’t know is just how much money would be sufficient for us to retire comfortably after our active years. Retirement planning is a crucial part …
How Much Do You Need to Retire Comfortably in Canada? Read More »
Financial freedom and the ability to call it quits at your job while young may seem unachievable for many Canadians today. But with a committed effort and the right financial strategy, even the unachievable can be doable in these challenging times. ‘How to retire early in Canada’ is one question burning on the lips of …
The Registered Retirement Savings Plan (RRSP) in Canada is a savings scheme established for the main purpose of retirement. Every country has a retirement age. In most countries, retirement begins at 65. This figure (65 years) is arrived at based on the physiological development of humans. It is expected that you don’t have the same …
How Much Does the Average Canadian Have in RRSP? Read More »
An annuity is a lump sum investment in exchange for a steady flow of income you can earn for life. Although employer pension remains the benchmark for retirement income, only a few Canadians ever think of purchasing an annuity. The annuity concept is straightforward. You give an insurance company a significant sum of money in …
The Canadian banking culture is one of the best in the world in that it recognizes that Canadians of different ages have distinct banking needs. A college student might need a bank account to save money without expecting an interest in return. A newly married couple may need a bank account that allows them to …
A Registered Retirement Savings Plan (RRSP) is a retirement saving and investment plan scheme for employees and self-employed people in Canada. Pre-tax money is incorporated into an RRSP and it grows tax-free until withdrawal, at which it is then taxed at the marginal rate. RSSP is registered with the Canadian government and governed by the …
A 401k, also written as 401(K), is a US tax-deferred established retirement plan which allows employees to contribute a part of their salary towards retirement. The Canadian equivalent of a 401(k) is the Registered Retirement Savings Plan (RRSP). 401k allows an employer to equal employee’s contribution to tax-deductible company contributions. Notably, earnings on all contributions …
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